House hack/Rental in Columbus OH

[Jonathan Flood]

Investment Info:

Single-family residence buy & hold investment in Columbus.

Purchase price: $188,000
Cash invested: $10,000
Sale price: $215,000

I lived in the house for 2 years and house hacked where my roommates paid me rent and I lived almost rent free. I then moved out of the property and rented it out. My tenants were fairly good tenants, however they did not take care of the house, so in order to put it on the market I replaced all the carpets, re-painted, and replaced the kitchen counter.

What made you interested in investing in this type of deal?

I initially wanted to purchase a house for myself to build equity. The house was in a good location.

How did you find this deal and how did you negotiate it?

I found this deal using a real estate agent through the MLS. I paid slightly above asking price (which was a mistake).

How did you finance this deal?

Traditional financing.

Lessons learned? Challenges?

I wanted a house so bad at the time that I over-paid for the house. I was impatient and did not let the right deal come to me, so I ended up over-paying. But overall the deal worked out well and I came out positive.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I had a buyers agent for buying and a sellers agent for selling.